By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 11 – ICE Canada canola contracts were stronger Friday morning in quiet activity, as participants await the USDA’s monthly supply/demand report out later in the session.
After hitting their weakest levels in over three months on September 4, the canola market has spent most of this week correcting off of those lows.
A lack of aggressive farmer selling, despite the mounting harvest pressure, helped underpin canola as well, according to traders.
Gains in Malaysian palm oil also provided some spillover support, although CBOT soyoil was down to start the day.
The general technical downtrend is also still in place for canola, which could be making any bounces a selling opportunity from a chart perspective.
About 3,000 canola contracts had traded as of 9:03 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 9:03 CDT:
